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Show the excel formulas used Ex. 3 JIf a dealer offers you a car at $275 monthly payment for 5 years plus $5,000 down. If

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Ex. 3 JIf a dealer offers you a car at $275 monthly payment for 5 years plus $5,000 down. If you can get a similar loan from a bank at APR of 12%, what is the price that you're paying? Down payment Monthly payment Loan period months APR No. of compounding times per year Monthly rate Present Value Book formula Excel function Ex. 4 If you take out an $10,000 car loan that call for 60 monthly payments at an APR of 12%, what is your monthly payment? What is the EAR? PV of loan Loan period months APR No. of compounding times per year Monthly rate Monthly payment Book formula Excel function EAR

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